THE Land Bank of the Philippines (LandBank) announced it has extended a total of P1.55 billion in outstanding loans to the sugarcane sector as of April 2023.
Of the total disbursements, a cumulative release of P700.45 million in loans have benefitted a total of 4,366 individuals under the Socialized Credit Program-Sugarcane Industry Development Act (SCP-SIDA).
The state-run lender said the SCP-SIDA has provided support to 2,577 borrowers, composed of 2,567 individual small farmers, four cooperatives, five associations and one enterprise from 16 different provinces nationwide.
According to the LandBank, the SCP-SIDA aims to optimize the productivity of sugarcane farms by promoting advanced and cost-efficient farming practices, enabling farmers to invest in modern farming techniques, procure high-quality inputs and acquire necessary equipment for higher yields and improved crop quality.
Rodolfo Medina, Chairman of the Dampe Palay and Sugarcane Producers Cooperative in Pampanga, attests to the positive impact of the SCP-SIDA program on their cooperative.
Through a loan with an interest rate of 2-percent per annum, the cooperative was able to procure a tractor, combine harvester and a ten-wheeler truck to enhance their harvesting and production processes, the state-run lender said.